ON STOCK EXCHANGES ' 



There have been disgraceful chapters of legislation in 

 which men in public life have sought pecuniary advan- 

 tage for themselves or their friends. Out of these things 

 the idea has become current that a position in Congress 

 is an exceptionally favorable one from which to deal upon 

 the stock exchange, and the inquiry in your letter to me 

 expresses this common idea. 



Nothing is more exaggerated than the supposed con- 

 nection of members of Congress with speculation of this 

 character. When a man does anything wrong he com- 

 monly suffers for it in this world. Now and then a skill- 

 ful stock gambler comes to Congress, but not often. 

 There is excitement enough in their ordinary business to 

 keep such men employed without going into politics. But 

 the senator or representative who dabbles in the stocks 

 receives his ample and merited punishment. In ordinary 

 gambling the gamester has the satisfaction of knowing 



i Mr. Lacey 's reply to a letter sent out by J. B. Walker, editor of the 

 Cosmopolitan magazine, to a number of members of the House and Senate. 

 Mr. Laeey was then a candidate for Congress in the Sixth Iowa district. 

 The letter which was sent by Mr. Walker was as follows: 



The Cosmopolitan Magazine, Editorial Department, 



Irvington, N. Y., April 16, 1898. 



Dear Sir: The influence exercised by national legislation on stock ex- 

 change values is now so well understood that the time seems to have ar- 

 rived when the legislature may no longer indulge in the speculative buying 

 of stocks without either a committing of crime against the people or verging 

 so closely upon crime that it becomes difficult to discover the dividing line. 

 Believing that you will gladly aid in establishing the ethics of a question 

 having so vital an interest for the country, I would ask the favor of an early 

 reply covering the opinions held by you on this subject. 



Yours sincerely, John Brisben Walker. 



